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Case Study: The Confident Committee
Category: For profit
 
 
Situation: A large raw materials production company had been working for years with the same investment service provider in the management of its retirement plan. Regular updates from the vendor assured company leadership that the plan was being well kept, and as a result, the company's review of its bundled investment service provider consisted only of a study of the investment returns it reported each quarter. The company's retirement plan leaders felt unsure about the specific mandates surrounding fiduciary duty, which fostered doubts about whether they were fulfilling their legal and ethical obligations.
   
   
Approach: Roland|Criss:
  • Assisted the client in understanding its responsibilities in overseeing the retirement plan as well as its plan vendors' practices.


  • Created a roadmap for the client detailing how to upgrade the client's fiduciary system and hold its service provider accountable to a higher level of performance standards.


  • Managed an RFP process for the client in search of new service providers (when the client's current service provider was reluctant to reflect revenue streams for each of its areas of service).
   
Result: Roland|Criss was able to save the client $900,000 in investment dollars on behalf of its retirement plan participants by partnering with several non-conflicted service providers. In addition, a new standard was developed for the client's retirement plan leaders that helped increase the leaders' value to the company, create greater accountability amongst its investment vendor community, and foster trust between the retirement plan leaders and their workforce.